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Most Britons 'unaware' of pension tax relief
4 November 2008 15:49
The vast majority of people are in the dark over tax breaks on their pension contributions, new research has discovered.
An investigation by the life insurer Zurich revealed that three quarters of Britons did not know they were missing out tax benefits for their pensions.
Additionally, Zurich also found that youngsters were the most likely to be unaware of possible tax benefits, with nine out of ten admitting that they were unsure of potential pensions relief.
Commenting on the investigation's results, Tony Solomon, business development director at Zurich, said that there was still much work to be done in getting across the message of making the most of tax advantages when it came to saving within a pension.
An investigation by the Alliance Trust last month discovered that many people in the UK had lost faith in the idea of their homes providing them with enough cash to see them through their retirement.
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